Oyster global high dividend october 13

October 2013

OYSTER Global High DividendWelcome to HiDi Land!

For professional, qualified and institutional investors only

© 2013 OYSTER Funds

OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.

OYSTER Global High DividendHighlights

Return from dividends is a large part of long term total equity returns

Unique process combining quantitative screening and fundamental analysis

Focus on quality companies with robust and growing dividend yields

Well diversified portfolio across sectors, regions & market caps

Aims to offer income & capital gains and a yield above MSCI ACWI Net USD

October 2013

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A strategy aimed at delivering an optimal total return via quality companies

paying robust, growing dividends


Table of contents

October 2013

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The case for high dividend stocks

Investment philosophy and process

Investment team

Portfolio review

Fund key facts

The SYZ & CO Group

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Table of contents

October 2013

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Investment team

Portfolio review

Fund key facts

The SYZ & CO Group

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Dividends are a key component of long term return

Reinvesting dividends improves total returnDividend growth is a crucial part of long term return, alongside dividend yield

Source: Elroy Dimson; Paul Marsh and Mike Staunton; Triumph of the Optimists; authors’ updates

Source: MSCI, Société Générale

Breakdown of real return since 1970

Past performance does not guarantee or predict future performance. Reference to an index is made for comparison purposes only.

October 2013

Page 5


Why focusing on dividends?

Source: UBS

Dividends:

are more stable and predictable than earnings …

are paid in cash and thus are not prone to accounting tricks …

force companies to be disciplined with their capital allocation

Source: UBS

Past performance does not guarantee or predict future performance

October 2013

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Dividend yields are attractive vs. fixed income yields

Current environment is supportive

October 2013

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Dividend payouts are below their long term average (as % of five year trend in earnings)

Source: Thomson Reuters Datastream

75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11

20

30

40

50

60

70

80

90

WorldUSUK

Euro-ZoneJapan


86 88 90 92 94 96 98 00 02 04 06 08 10 12

0

2

4

6

8

10

12

U S equitiesU S Treas ur iesU S IG c orporate bonds

U S 3M c as h (T-Bills )

Sourc e: Thoms on R euters D atas tream


October 2013

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No obvious correlation with interest rates...

Source: Bernstein

High Dividend Yield vs. Non-paying companies

Historical Price-to-book valuation with US 10-year Treasury yield 1965 – 23.09.2013

0%

2%

4%

6%

8%

10%

12%

14%

16%

0.4x

0.5x

0.6x

0.7x

0.8x

0.9x

1.0x

1.1x

Jul-65 Jul-69 Jul-73 Jul-77 Jul-81 Jul-85 Jul-89 Jul-93 Jul-97 Jul-01 Jul-05 Jul-09 Jul-13

US

10

-Year

Tre

asu

ry y

ield

Rela

tive v

alu

ati

on

mu

ltip

le

Price-to-Book

10-Year US Treasury


-0.4

-0.3

-0.2

-0.1

0

0.1

0.2

0.3

0.4

30

40

50

60

70

Jun-95 Jun-97 Jun-99 Jun-01 Jun-03 Jun-05 Jun-07 Jun-09 Jun-11 Jun-13

US ISM PURCHASING MANAGERS INDEX (MFG SURVEY) SADJ

(MSCI World High Dividend TR USD / MSCI AC World TR USD) Rolling 1Y

October 2013

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...or with economic cycles…

(MSCI World High Dividend TR USD / MSCI AC World TR USD)

Rolling 1Y vs. ISM US


Correlation -0.26

R Square 0.07

Observations 207

Regression Statistics


Long term outperformance of high dividends strategies

Source: Société GénéralePast performance does not guarantee or predict future performance. Reference to an index is made for comparison purposes only

High dividend yield rolling relative performance

(World ex-US benchmark, High Yield versus market cap weighted index)

High dividends outperformance

High dividends underperformance

October 2013

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-20

-10

0

10

20

30

40

50

Dec-77 Dec-80 Dec-83 Dec-86 Dec-89 Dec-92 Dec-95 Dec-98 Dec-01 Dec-04 Dec-07 Dec-10

Annual

Three year (annualised rate)


Picking the highest estimated dividends may be risky

Source: Société GénéralePast performance does not guarantee or predict future performance. Reference to an index is made for comparison purposes only

Beware of expectationsForecasts and realised dividend yields since 1995

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

< 4% 4%-5% 5%-6% 6%-7% 7%-8% 8%-9% 9%-10% 10%-15% 15%-20%

Estimated dividend yield (%)

Realised dividend yield (%)

October 2013

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Table of contents

October 2013

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Investment team

Portfolio review

Fund key facts

The SYZ & CO Group

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II

III

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V

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OYSTER Global High Dividend Why investing in high dividends through OYSTER?

A unique and differentiating process combining:

Robust quantitative screening to narrow the universe by focusing on good candidates

Qualitative analysis: strong business franchise and financial position, dividend commitment

Focus on quality stocks able to generate attractive total return through :

Current yield

Dividend growth

Price appreciation

Invest globally with broad diversification across sectors, regions and market caps

October 2013

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OYSTER Global High Dividend Investment philosophy

Dividends force companies to be disciplined with their capital allocation

2-6% is a sweet spot for dividend:

Ability to select companies with growing dividends

Aim to avoid dividend cutters and value traps

Important to set a sustainability criteria

Finding companies able to grow dividends improves long term returns

October 2013

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3. PORTFOLIO(~ 80-100 stocks)

OYSTER Global High DividendInvestment process - overview

Global universe (~ 35’000 stocks)

Investment universe (~ 600 stocks)

1. QUANTITATIVE SCREENING

Narrow down the investment universe and only keep companies that match our constraints

2. QUALITATIVE ANALYSIS

Selection of candidates

Data given as information only and is as a given date and may evolve over time

October 2013

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OYSTER Global High Dividend Investment process - quantitative screening

Liquidity

Minimum USD 1 Bn market capitalization

Appropriate trading volume

Dividend

Focus on 2-6% range dividend yield

Sustainability criteria

Profitability

Minimum return on equity

Overall fundamental quality

Assessed through a Piotroski score

October 2013

Page 16

Data given as information only and is as a given date and may evolve over time


OYSTER Global High DividendInvestment process – qualitative analysis

Strong business franchise

Strategy and growth potential to avoid dividend trap

Competition and barriers to entry

Quality of management

Applied to the screened universe of around 600 stocks

Fundamental analysis by teams in Geneva and London

Solid financial position

Balance sheet and leverage

Credit profile

Valuation

Margin & return on capital (ROC)

FCF generation and visibility

Focus on total return

Dividend commitment

Dividend policy

Growth potential

Financing source of the dividend

Other forms of shareholder return

October 2013

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OYSTER Global High Dividend Investment process - portfolio construction1

Country & sector allocation derived from screening results and stock selection

Monitoring of economic environment to adapt strategy to changing conditions

Typically :

Number of holdings: 80-100 with top holdings: 2-4%

Expected turnover: 50%

Tracking error: max 8% vs. MSCI ACWI Net USD2

Foreign exchange risk is not hedged

Internal guidelines:

Regional weighting: max. 150% of MSCI ACWI Net USD

Dividend yield: above dividend yield of MSCI ACWI Net USD

Only 5% of portfolio allowed in market capitalizations below USD 1 Bn

Min. 90% of portfolio in the 2-6% dividend yield range and within quantitative criteria

1 Data given as information only and is as a given date and may evolve over time2 Reference to an index is made for comparison purposes only. For regions representing less than 5% ability to over/underweight by 5%

October 2013

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OYSTER Global High DividendSell discipline

Sell discipline and monitoring of holdings

A position is sold because:

October 2013

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1 2 3

More value found in other region/sector or specific company

Company excluded from the investable universe by the quantitative screening process and showing deteriorating fundamentals

Structural changes in a company’s investment case, with a special focus on dividend characteristics


OYSTER Global High DividendRisk and reward profile1

October 2013

Page 20

1 2 3 4 5 6 7

Typically Lower Rewards Typically Higher Rewards

Lower Risk Higher Risk

This indicator is deemed to reflect the level of risk of the fund. It can vary from 1 to 7 depending on the weekly upward and downward fluctuations of the portfolio over the last 5 years. The level 1 on the scale does not mean that the portfolio is risk-free. However, this indicator is based on historic data and therefore does not guarantee the level of future risk of the fund. Neither is this risk level an investment objective for the fund and therefore it could vary over time. Level 7 on the scale represents the highest risk level. It equates to an average fluctuation variance of more than 25%,according to the calculation method described above.

Level 6 equates to an average fluctuation variance of between 15% and 25%, according to the calculation method described above.

This risk level is mainly explained as follows:

The fluctuation of stocks due to possible sudden and/or prolonged fall of the financial markets.

Investment in small and/or medium-sized enterprises which could result in volatility and a higher liquidity risk for the portfolio.

Investment in emerging markets, which are more uncertain than the markets in developed countries (political risk, currency restrictions, repatriation, etc.).

Investment in foreign currency, resulting in a foreign exchange risk.

This indicator does not take into account the following risks:

Liquidity risk: risk linked to the difficulty of selling a portfolio investment on the market, preventing it from being traded under optimum conditions.

Operational risk: risk of loss for the fund linked to human or technical error, inadequate internal procedures or control systems.

Specific risks linked to the possible use of derivatives (financial instruments whose valuation is based on the value of another asset).

For further information about risks associated to this fund, please see the full prospectus, available at the head office of the SICAV.

1Source: Key Investor Information Document dated 31.12.2012The indicator mentioned above concerns one specific share class of the sub-fund, for more details on another share class of the sub-fund, please refer to the last updated KIID


Table of contents

October 2013

Page 21



Investment team

Portfolio review

Fund key facts

The SYZ & CO Group

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OYSTER Global High DividendThe portfolio managers

Roberto MagnatantiniLead portfolio manager, CFA, CMT

Armand Suchet d’AlbuferaPortfolio manager

Yves GallatiPortfolio manager

He joined SYZ & CO Group in 2008 and is the portfolio manager of OYSTER World Opportunities.

Roberto previously worked six years at Lombard Odier managing equities portfolio and from 2005 for four years at HSBC Private Bank managing the HSBC World Equities Opportunities Fund.

Roberto holds a Bachelor’s degree in Economics from the SES Geneva and he is a CFA Charterholder and has received the CMT certification.

He joined the SYZ & CO Group in 2007 as a European equity analyst based in London.

He started his career at Rothschild & Cie in the M&A department where he worked for six years. In 2006, he moved to London joining the European Leveraged Finance team at CIBC.

Armand graduated at CESEM in Reims and holds a Master’s degree in Financial Engineering from the EM business school in Lyon.

He joined the SYZ & COGroup in 2010 as an equity analyst within the research team based in Geneva.

Before joining Syz AM, Yves worked six years at HSBC Private Bank as a Telecom - Media - Technology equity analyst and portfolio / fund administrator. He started his career at Lombard Odier in 1999.

Yves holds a Bachelor’s degree in Quantitative Economics and a Master’s degree in Econometrics from the University of Geneva.

October 2013

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SYZ Group Multi-local Research and fund management capabilities

October 2013

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All asset class expertise Fixed income expertise Equities & fixed income expertise

Roberto Magnatantini,CFA, CMT Eric Bendahan, CFA Giacomo Picchetto Daniel Hannemann, CFA Piergiacomo Braganti

Fund Manager Global Equities Fund Manager European Equities Co-portfolio Manager European Equities Fund Manager and Head of Fixed Income

Head of equity and investments

Yves Gallati William Sharp Stefano Girola Martin Oetiker, CIIA Angelo Drusiani

Senior Financial Analyst Global Equities Fund Manager European Equities Co-portfolio manager European Equities Fund Manager Fixed Income Responsible for short-term management

Jérôme Schupp, CFA Armand Suchet d'Albufera Gionata Crivelli Luzius Kuster Andrea Garbelotto

Fund Manager European Equities Financial Analyst Fund Manager Fixed Income Fund Advisor Corporate Bonds

Fabrizio Quirighetti Pierre-Marie Gérez Osvaldo Vitrone

Senior Financial Analyst Financial Analyst

Adrien Pichoud Olivier Parein, CFA

Economist and Fund Manager Corporate Bonds and Currencies

Senior Financial Analyst

Maurice Harari Luca Lanfranchi

Junior Financial Analyst Financial Analyst

Joël Le Saux Thomas Mesmin

Fund Manager Japanese Equities Financial Analyst

Yasmina Barin

Senior Financial Analyst

Michele Pedroni

Junior Financial Analyst

Julien Raymond

Junior Financial Analyst

Equities expertise

Paolo Luban, Managing Partner & Chief Investment Officer Ernesto MarelliBanca Albertini SYZ & C. SpAPatrick Bédat, Chief Executive Officer

Geneva London Lugano Zurich Milan

Head of traditional Investments & Fund Manager Absolute Return

Chief Economist and Fund ManagerGlobal Macro, Fixed Income and Absolute Return Strategies


Table of contents

October 2013

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Investment team

Portfolio review

Fund key facts

The SYZ & CO Group

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OYSTER Global High Dividend I USDPerformance at 31.08.2013

October 2013

Page 25

Source: Lipper

Past performance does not guarantee or predict future performance.

1Reference to an index is made for comparison purposes only. The index is not

mentioned in the investment policy of the sub-fund

(*) Since 30.07.2013, track-record of the R USD share class (LU0821216842). Before

this date, track record recalculated from the I USD share class since inception and

adjusted on a daily basis from the difference of management fees between

these two share classes.

Since launch(17.10.2012)

YTD

OYSTER Global High Dividend I USD 8.0% 7.7%

MSCI AC World NR USD 9.7% 8.8%

Lipper Global Equity Global Income 7.3% 6.7%

95

100

105

110

115

120

Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13

OYSTER Global High Dividend I USD

MSCI AC World NR USD

Lipper Global Equity Global Income


OYSTER Global High DividendPortfolio breakdown at 31.08.2013

October 2013

Page 26

Source:OYSTER Sicav

Index: MSCI AC World NR USD

Data given as information only and is as a given date and may evolve over timeReference to an index is made for comparison purposes only

Financials 22.6% 21.4% Merck & Co., Inc. Health Care 2.2% 0.5%

Consumer Discretionary 16.2% 11.8% Chevron Corporation Energy 2.0% 0.7%

Industrials 13.7% 10.7% Reed Elsevier NV Consumer Discretionary 1.8% 0.0%

Consumer Staples 9.1% 10.2% Total SA Energy 1.7% 0.4%

Information Technology 9.1% 11.9% Sun Life Financial Inc. Financials 1.7% 0.1%

Health Care 8.7% 10.2% MTN Group Limited Telecommunication Services 1.7% 0.1%

Utilities 7.3% 3.3% Cinemark Holdings, Inc. Consumer Discretionary 1.6% 0.0%

Energy 7.1% 10.1% AXA SA Financials 1.6% 0.1%

Telecommunication Services 3.4% 4.2% Kraft Foods Group, Inc. Consumer Staples 1.6% 0.1%

Materials 2.8% 6.2% CSX Corporation Industrials 1.6% 0.1%

Total 100% 100% Total 17.5% 2%

United States 43.3% 48.4% USD 53.1% 48.6% <1BLN 0.0% 0.0%

Japan 8.8% 7.9% EUR 16.8% 10.7% >1BLN,<5BLN 13.4% 4.8%

France 6.8% 3.4% JPY 8.4% 7.9% >5BLN,<30BLN 45.1% 36.8%

Canada 5.0% 3.8% CAD 4.8% 3.8% >30BLN 41.5% 58.4%

Germany 4.5% 3.2% GBP 3.6% 8.1%

United Kingdom 3.7% 7.4% ZAR 3.1% 0.8%

South Africa 3.2% 0.8% HKD 2.7% 3.2%

Switzerland 2.9% 3.4% SEK 1.7% 1.2%

Netherlands 2.8% 1.2% CHF 1.6% 3.3%

Other 19.0% 20.5% Other 4.2% 12.4%

Total 100% 100% Total 100% 100% Total 100% 100%

By market capitalization Fund Index

United States

By geography Fund Index By currency Fund Index

United States

Sector Fund Index

United States

United States

Netherlands

France

Canada

South Africa

United States

France

By sector Fund Index Top 10 Country


OYSTER Global High DividendDividend breakdown by category - examples

Expected dividend yield for 2013: 3.6%

October 2013

Page 27

Source: SYZ Asset Management SA, data as of 31.07.2013Data given as information only and is as a given date and may evolve over time

Low & defensive US insurers, Japanese banks Stanley Black&Decker, Tyco

Low & growing CSX, NorthropGrumman Accenture, Taiwan Semiconductor Spectris, Time Warner, NagaCorp

High & defensive Kraft, Reed Elsevier Johnson & Johnson, Total Hoya, Seagate Pipelines in Canada

High & growing British American Tobacco, Mattel GE, Elementis Allianz, Axa, Sanlam MTN, SJM

19.2%

10.1%

47.7%

23.1%

Low & Defensive Low & Growing

High & defensive High & Growing


Eurozone stocks and in particular the periphery look cheap in a historical context and relative to global peers with a valuation based on trough earnings

Relative trend P/E and P/B of Europe below the historical norms

Cycle-adjusted PE attractive vs. LT median and other geographies

Eurozone earnings are depressed, offering an easy base for a rebound

From last cycle peak in 07’, EPS are down 32%

In the meantime, US EPS are 13% above the last cycle peak

Attractive dividend yields vs. other regions and asset classes

OYSTER Global High DividendWhy overweight Europe?

MSCI Europe cycle-adjustedP/E relative to the US

Source: Datastream, MSCI

Eurozone vs US 12m Fwd EPS

October 2013

Page 28


OYSTER Global High DividendStock example: Northrop Grumman – USA, Aero & Defense

Screening result

USD 16.8bn mkt cap, DY 3.2%, growing dividend

Payout 28%, ROE 19.9%, Piotroski 9/9

Description

Leading defense contractor with strong competitive positions in Aerospace Systems, Information Systems, Electronic Systems and Technical Services

Attractive industry with massive barriers to entry, recurring revenues and high profitability

Qualitative analysis

Excessive fears surrounding DoD budget and sequestration risk translate into attractive valuation

Strong dividend commitment complemented by disciplined share buy-backs

Robust balance sheet & high cash flow generation

ROCE 15.1%, FCFy 12.5%, EV/EBITDA 5.4x, P/E 11.1x 2013e

Source: Bloomberg

7.927.377.16

7.81

7.416.775.215.21

1.57 1.69 1.84 1.97 2.15 2.31 2.49 2.63

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

2008 2009 2010 2011 2012 2013E 2014E 2015E

EPS DPS

Source: BloombergPast performance does not guarantee or predict future performance

October 2013

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20

30

40

50

60

70

80

90

100

110

2008 2009 2010 2011 2012 2013

Stock Price


OYSTER Global High DividendStock example: MTN Group – South Africa, Telecom

October 2013

Page 30

Screening result

USD 37 bn mkt cap, DY 4.5 %, growing dividend

Payout 74 %, ROE 22.5 %, Piotroski 6/9

Description

MTN is a multinational communications group offering cellular network access and business solutions

Mobile licences across 21 countries in Africa and the Middle East

Nigeria should become MTN’s largest market this year, ahead of South Africa


Market-leading positions, unique play on Africa, operational delivery and secular opportunity for mobile banking

Earnings and FCF should grow by 15% CAGR over the next three years leaving ample room to increase dividends

11.1x P/E 14' for an 11-14e EPS CAGR of 11.5%, 14e DY of 5.1% and a net cash position

Source: Bloomberg

1'613

1'430

1'274

1'1191'110

764781806

1'253

1'089

947824749

500

192181

0

200

400

600

800

1'000

1'200

1'400

1'600

2008 2009 2010 2011 2012 2013E 2014E 2015E

EPS DPS

4'000

6'000

8'000

10'000

12'000

14'000

16'000

18'000

20'000

22'000

2008 2009 2010 2011 2012 2013

Stock Price

Source: Bloomberg



0

50

100

150

200

250

300

2008 2009 2010 2011 2012 2013

Stock Price

OYSTER Global High DividendStock example: Elementis – UK, Chemicals

October 2013

Page 31

29.127.1

25.123.7

27.8

16.7

26.4

20.0

10.7

12.6

7.04.9

-

5

10

15

20

25

30

35

40

2010 2011 2012 2013E 2014E 2015E

EPS DPS

Source: Berenberg

Screening result

USD 1.8 bn mkt cap, DY 2,2 %, growing dividend

Payout 34 %, ROE 23 %, Piotroski 6/9

Description

Production of additives improving the flow characteristics and performance of liquids, improving product qualities

Specialty products (60% of sales; 59% EBIT)

Chromium (31% of sales; 38% EBIT)

Surfactants (9% du CA; 3% EBIT)


Unique assets (75% market share in chromium in the USA, onlyone hectorite mine in the world)

Potential from recent acquisition in Brazil (Watercryl)

Dividend policy: at least 30% payout + 50% of the year-end cash position (upside on expectations)

15x P/E 14' for an 12-14e EPS CAGR of c.10%, 14e DY of 3.9% and a net cash position allowing additional distribution Source: Bloomberg

Past performance does not guarantee or predict future performance


0

10

20

30

40

2008 2009 2010 2011 2012 2013

Stock Price

OYSTER Global High DividendStock example: Cinemark – USA, Entertainment

October 2013

Page 32

Screening result

USD 3.4 bn mkt cap, DY 3.2%, growing dividend


Description

Highest attended worldwide theatrical exhibitor (461 theatres with 5207 screens in 14 countries)

Industry performance leader: best-in-class profitability (EBITDA margin of 24.2%) and superior growth profile


Potential for digital 3D technology to drive higher average ticket prices and attendance

Superior growth opportunity in Latin America : 1/3 of group sales with 15% sales CAGR

Strong balance sheet & high cash flow generation

ROCE 10%, FCFy 8%, EV/EBITDA 9.6x, P/E 14.8x 2013e

Source: Bloomberg

2.42.09

1.781.59

1.331.29

0.790.67

0.870.860.850.840.84

0.750.72

0.72

0.0

0.5

1.0

1.5

2.0

2.5

2008 2009 2010 2011 2012 2013E 2014E 2015E0.60

0.70

0.80

0.90

1.00

1.10

1.20

1.30

EPS DPS



OYSTER Global High DividendStock example: Mattel – United States, Toys

Screening result

USD 14.9 bn mkt cap, DY 3.4%, growing dividend


Description

World’s largest toy maker. Solid brand portfolio including Barbie, Hot Wheels, Matchbox, Fisher-Price

High barriers to entry, Mattel and Hasbro own more than a third of the total toy market


Secular bull market for toy manufacturers driven by EM & improved US demographics

Positive earnings momentum due to innovation (Monster High craze, digital initiatives, American Girl success in the US)

Operating margin expansion: 400bp improvement expected over the coming 5 years

ROCE 20%, FCFy 9%, EV/EBITDA 10.2x, P/E 16.5x 2013e

Source: Bloomberg

3.1

2.82

2.522.47

2.18

1.81

1.37

1.05

1.561.551.44

1.24

0.920.830.750.75

0.2

0.6

1.0

1.4

1.8

2.2

2.6

3.0

3.4

2008 2009 2010 2011 2012 2013E 2014E 2015E

EPS DPS

October 2013

Page 33


0

10

20

30

40

50

2008 2009 2010 2011 2012 2013

Stock Price


Table of contents

October 2013

Page 34



Investment team

Portfolio review

Fund key facts

The SYZ & CO Group

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OYSTER Global High Dividend Key facts

UCITS compliant, Luxembourg SICAVCustodian/Central Administrat Share class Hedged ISIN code Management fee

Auditors USD LU0821216339 1.50%

Management Company USD D LU0821216412 1.50%

Fund Manager R USD LU0821216842 0.90%

Index1 EUR yes (active) LU0821216685 1.50%

Liquidity R EUR yes (active) LU0821217147 0.90%

Trade date CHF yes (active) LU0821216768 1.50%

Cut-off time

Settlement date Institutional share class3Hedged ISIN code Management fee

Minimum initial subscription, I USD LU0933608183 0.75%

Institutional share class only I USD D LU0821217063 0.75%

Fund domicile

Registered in2 Further information

Subscription fee

Redemption fee

4. Not available for investors in Belgium.

RBC Investor Services Bank SA

PricewaterhouseCoopers (PwC)

Oyster Asset Management S.A.

Syz Asset Management SA & SYZ & CO Asset Management LLP

MSCI ACWI Net USD

1. Please note that the reference to an index is made for information purposes only. The index is not mentioned in the investment policy of the Sub-Fund.

2. Not all share classes may be registered locally, please contact [email protected] for further information.

3. For further details please refer to the prospectus.

Daily

5 000 000 USD

OYSTER Website, Bloomberg, Morningstar, Reuters, SIX Telekurs, Finesti, FundinfoNAV available throughMax 3%

Luxembourg

AT, BE, CH, DE, ES, FR, UK, IT, LU, NL

Max 5%, Max 3% for I USD & I USD D

www.oysterfunds.com4 - [email protected]

T+0

T 12:00 CET

T+4

October 2013

Page 35


Table of contents

October 2013

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Investment team

Portfolio review

Fund key facts

The SYZ & CO Group

I

II

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IV

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VI

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36

OYSTER is an open-ended investment fund under Luxembourg law that is not open to citizens or residents of the USA. For more details please refer to the complete disclaimer.Page 37

SYZ & CO Group 3 business lines but one common objective

Private Banking Institutional Asset Management

OYSTERInvestment Funds

Swiss banking group founded in 1996 by Eric Syz, Alfredo Piacentini and Paolo Luban

Sole focus on asset management across three activities with a common objective of delivering superior performance

Not involved in project-financing, investment banking, commercial or mortgage lending

Supervised on a consolidated basis by the FINMA(Swiss Financial Market Supervisory Authority)

SYZ & CO Group

October 2013


Fast growing banking group - AuM of EUR 25.1 Bn1

Assets increased +18% in 2012

All three activities enjoyed double-digit growth

Solid Capital Base: Core Tier 1 ratio of 27.8%2

Independent: not linked to a financial institution

440 employees in 17 cities worldwide1

Sponsor of OYSTER Sicav

SYZ & CO Group Key facts and figures

1Data as of 30.06.20132Annual report available on www.syzgroup.com


October 2013


OYSTER SICAVKey facts

A Luxembourg SICAV, UCITS compliant

Sub-funds covering major asset classes as well as niche strategies

Compartments are registered in most European countries and Singapore1

The bulk of assets are held by investors external to the group

Distribution team aiming to deliver regular and proactive communication to clients

Mix of internally and externally managed funds

11 out 21 sub-funds ranked first quartile in 2012 including 8 funds in the first decile2

1Solely targeting institutional clients in compliance with applicable law2Source: Lipper, using Lipper Global universe where sub-funds are registered


October 2013


OYSTER SICAVOur philosophy

Bottom-up approach

Style & Market Cap agnostic

Risk team independent from portfolio managers

Innovation

Use of atypical managers in main asset classes

Identify tomorrow’s strategies

Anticipate future trends

Identify talents

Team dedicated to managers’ selection

Internal recruitment or sub-advisory relationship

Strategy’s exclusivity for European distribution

Active management

OYSTERphilosophy

October 2013


OYSTER Funds & Representatives

October 2013

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OYSTER Funds

OYSTER Sicav Oyster Asset Management SARoute d'Esch 69 Grand Rue 74L-1470 Luxembourg L-1660 [email protected] tél. +352 26 27 361www.oysterfunds.com

Representatives

Germany Spain Switzerland Zahlstelle Entidad comercializadora Soggetto incaricato dei pagamenti BHF-Bank Aktiengesellschaft Allfunds Bank S.A. State Street Bank S.p.A Bockenheimer Landstrasse 10 c/Estafeta no6 (La Moraleja) Via Col Moschin 16 Banque SYZ & CO S.A. D – 60323 Frankfurt Complejo Plaza de la Fuente - Edificio 3 20136 Milano Rue du Rhône 30 Tel +49 (0)69 718 22 75 E – 28109 Alcobendas - Madrid Tel +39 02 879 671 53 CH – 1204 Genève

Tel +34 (0)91 274 64 00 Tél + 41 (0)58 799 19 05

Austria France Zahlstelle Correspondant Centralisateur Soggetto incaricato dei pagamenti Raiffeisen Bank International AG BNP Paribas Securities Services Société Générale SecuritiesAm Stadtpark 9 Rue du Débarcadère 9 Services SpA A – 1030 Wien F – 93500 Pantin Via Benigno Crespi 19/A-MAC 2 Tel. +43 (0)1 717 070 Tel. +33 (0) 1 57 43 12 58 I – 20159 Milano

Tel +39 02 917 846 61

Belgium Italy Agent financier – Financiële agent Soggetto incaricato dei pagamenti Soggetto incaricato dei pagamenti Caceis Belgium s.a./n.v. RBC Investor Services Bank S.A. Allfunds Bank S.A. Avenue du Port 320 Milan Branch Via Santa Margherita 7 Havenlaan 86C b Via Vittor Pisani, 26 I – 20121 Milano B – 1000 Bruxelles 20124 Milano Tel +39 02 896 283 01 Tel +32 (0)2 209 26 40 Tel +39 02 305 756 1

Représentant et service de paiement pour la Suisse


Disclaimer

This promotional document has been issued by the investment fund, OYSTER Sicav (hereinafter referred to as "OYSTER” or the “Fund”). It is not intended for distribution to or useby individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, issue oruse.

Users are solely responsible for verifying that they are legally authorised to consult the information herein.

Only the most recent version of the prospectus, by-laws and annual and half-yearly reports of the Fund (hereinafter referred to as the Fund’s “legal documentation”) should beconsidered as a basis for investment decisions. These documents are available on the website, www.oysterfunds.com, or from the OYSTER offices at 69, route d'Esch, L-1470Luxembourg. The information or data contained in the present document does not in any way constitute an Offer or a recommendation to buy or sell shares in the Fund’s units.Furthermore, any reference to a specific security in this document should not be construed as a recommendation or investment advice. They are intended solely to inform theinvestor as to past performance, and do not reflect the opinion of OYSTER or any related companies as to future returns. The information, opinions and assessments contained inthe present document shall apply at the time of publication and may be revoked or changed without prior notice. OYSTER has not taken any measures to adapt to each individualinvestor who remains responsible for his own independent decisions. Moreover, investors are advised to consult their legal, financial or tax advisors before taking any investmentdecisions. Tax treatment depends entirely on the financial situation of each investor and may be subject to change. It is recommended that investors obtain the appropriate expertadvice before taking any investment decisions. The value of the units referred to may fluctuate and investors may not recoup all or part of their original investment. Investorsshould consult the Fund prospectus for further details on the risks involved. Past performance is not indicative of future results. It is calculated in the unit currency and, whereinvestments are made in a different currency, may also be affected by fluctuations in exchange rates. The performance data given does not include commissions or any fees linkedto the subscription to and/or repurchase of shares. It is possible that companies linked to the Fund and their executives, directors or personnel hold or have held stakes or positionsin the securities listed in this document, or that they have traded or acted as market maker for these securities. Moreover, these entities or individuals may also have past orpresent ties with the executives of the companies issuing the abovementioned shares; furnish or have furnished financial or other services; or are or have been a director of thecompanies in question. The manager reserves the right not to disclose the name of certain positions that would normally rank amongst the top 10. This promotional document is inno way intended to replace the legal documentation of the Fund and/or any information that investors obtain from their financial advisors. Please note that reference to an index ismade for information purposes only. The index is not mentioned in the investment policy of the Sub-Fund. The performance of the Sub-Fund may differ from the performance of theindex. For further information on the index please refer to the website of its service provider.

OYSTER is a Luxembourg SICAV that is not open to citizens or residents of the USA. www.oysterfunds.com – [email protected]

MSCI

The MSCI indexes are the exclusive property of MSCI Inc. (“MSCI”). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use forcertain purposes. The financial securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financialsecurities. The Prospectus contains a more detailed description of the limited relationship MSCI has with any related financial securities. No purchaser, seller or holder of thisproduct, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without firstcontacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior writtenpermission of MSCI.

October 2013

Page 42

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